Ramp, the first finance automation platform and corporate card designed to help firms spend less, has expanded its platform to help companies make flexible payments.
Bill Pay, its accounts payable automation product, will now provide businesses with the option to make payments on flexible terms through its new flex solution. Bill Pay will also aid companies with multiple entities and integrate with all major accounting software providers.
Ramp claims that this announcement ‘significantly widens the total addressable market’ for Ramp. The firm said there are currently $120trn in global B2B payments processed annually, of which only $1.5trn are on cards.
The company said that Bill Pay’s expansion fufills overwhelming demand from Ramp customers, particularly in areas such as e-commerce, construction and manufacturing, for a way to pay all of their vendors when and how they want.
The technology – Flex – is now available to select customers as part of its Early Access Program with general access forthcoming. Flex allows Ramp to pay its customers’ vendors upfront and customers can choose to pay Ramp back in 30, 60 or 90 days for a small fee.
Ramp CEO and co-founder Eric Glyman said, “Ramp’s Bill Pay platform has had extraordinary customer adoption. Within six months of its public launch, customers were using Ramp to power over $1 billion in annualized volume. It’s our fastest growing product, exceeding the growth of even our corporate card, which is the fastest growing in the U.S.
“Our customers’ vendors are now on Ramp, so we can see when bills are coming up, and how and when our customers should pay them. We’re using everything we know about our customers to improve their financial management – especially important in times of volatility – by providing a platform where they can move money more easily and with more flexibility on working capital cycles, too.”
The FinTech company raised $50m in debt, which was led by Arcadia Funds, and a $5m seed round led by Chicago Ventures. Other investors to the round include construction industry executives, real estate developers and Plug and Play Ventures.
This capital will provide BlueTap with the ability to extend its BNPL lending capabilities, hire more staff and develop new products to help construction address the housing and infrastructure crisis.
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